Manhattan-based real estate lender Emerald Creek Capital (“ECC”) has announced the closing of a $51,000,000 condominium inventory loan on Park Row in the Financial District of New York, NY.
The loan is secured by 18 residential units and 4 commercial units within a newly constructed 23-story luxury tower. With a combined saleable area of 35,646 square feet, the residential units range from 1 to 3 bedrooms plus two penthouse units which are 4 and 5 bedrooms. The residences feature floor-to-ceiling windows, and high-end finishes and fixtures. Building amenities include a 24-hour doorman, indoor/outdoor fitness center, lounge and entertaining areas, co-working spaces, and a rooftop garden with panoramic views of Lower Manhattan. The commercial units include one 3,652-square-foot retail space on the ground floor and three full-floor offices with a combined area of 12,969 square feet. The subject property has a prominent location adjacent to City Hall Park, and is accessible by the 4, 5, 6, 2, 3, A, C, J and Z trains.
Financing for the loan was originated by Emerald Creek Capital’s Managing Director Mike Cleaver and Vice President Matt Fantuzzi. The loan closing marks the nationwide firm’s 500th debt transaction to date.
